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Technical outlook and chart setups:
A 4H chart has been presented here, to have a closer look of the range. Gold remains in a trading range, unchanged from yesterday. Resistance of the range is around $1,235.00 and support is around $1,206.00 levels respectively. Please note that Gold still remains very much in the sell zone of the resistance line here. A range break above resistance would be required to confirm that bullish are going to remain in control. It is recommended to remain flat for now and let the metal confirm break, before entering again. A higher fibonacci resistance is at $1,262.00 (not shown here); which should be a good place to turn bearish again.
Trading recommendations:
Remain flat for now. Wait for the range to break.
Good luck!
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Performed by Harsh Japee, Analytical expert InstaForex Group © 2007-2014 |
Technical analysis of Gold for September 30, 2014
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